mobile crane Market

The mobile crane market is expected to grow from US$ 17,547.16 million in 2021 to US$ 22,261.76 million by 2028; it is estimated to grow at a CAGR of 3.5% from 2021 to 2028.

The mobile crane market is poised for significant growth in the coming years, thanks to increased government spending on infrastructure, mining, and port-related projects. The Asia Pacific region, which includes major emerging economies like China and India, is experiencing a surge in government and private sector investments in building construction, leading to a rise in demand for mobile cranes. Additionally, smaller countries like Indonesia and the Philippines are attracting investors, which is further propelling the growth of the mobile crane market in the region. However, the market is facing challenges due to rising pollution levels and government regulations, leading major players to focus on developing alternative fuel applications and investing heavily in research and development of eco-friendly mobile cranes. To illustrate, Zoomlion announced in May 2020 the development of the world's first fully electric truck crane.

The mobile crane market in the Asia Pacific region is characterized by fragmentation, with a multitude of players holding small market shares. Notable companies operating in this market include Konecranes PLC, Sany Group, Cargotec, and XCMG. These key players are making substantial investments in research and development to introduce new products and expand their global reach in the mobile crane market. For instance, in April 2020, Saigon Port JSC placed an order for an eco-friendly Konecranes Gottwald Mobile Harbor Crane to be used at the Tan Thuan Port in southern Vietnam.

The mobile crane market is composed of several key stakeholders, including raw material providers, mobile crane component manufacturers, OEMs, and end-users. Major players occupy strategic positions within this ecosystem, where raw material providers supply components such as steel plates, which are then fabricated into structures by welders. Various subassemblies feed into a central assembly line for a specific type and model of crane, where steel components are joined and electronics are added. Additionally, component manufacturers provide critical parts such as hooks, hoists, trolleys, bridges, load measurement systems, and lifting magnets. The OEMs in the mobile crane market are responsible for designing, assembling, and transforming raw materials into finished products. The market is anticipated to experience significant growth due to increasing urbanization and construction activities, as well as growing demand for efficient and fuel-saving vehicles. As a result, there are substantial opportunities for companies planning to enter this market.

Impact of COVID-19 Pandemic on Mobile Crane Market

The COVID-19 pandemic had a severe effect on the APAC region due to its high population density, which increased the risk of contagion. The pandemic affected major economies in the region, including China, India, Australia, and Japan, leading to inflation according to the Organization for Economic Co-operation and Development (OECD). India was hit the hardest by the crisis as it is home to numerous global brands and technology companies. The measures implemented by governments to control the spread of COVID-19, such as social distancing restrictions, negatively affected the revenues of mobile crane market players in the region. However, with the reopening of countries and the resumption of industrial operations, there was a surge in demand for mobile cranes from various end-users towards the end of 2020.

The mobile crane market size has been determined by utilizing both primary and secondary sources of information. The research process began with comprehensive secondary research using both internal and external sources to collect qualitative and quantitative data related to the market. This process helped to provide an overview and forecast of the mobile crane market, taking into account all its segments and five major regions, namely North America, Europe, Asia Pacific, the Middle East & Africa, and South America. In addition, primary interviews were conducted with industry experts, including VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as research analysts, valuation experts, and key opinion leaders, who specialize in the mobile crane market. The aim of this process was to validate the data and obtain more analytical insights. A few major players operating in the market are LIEBHERR-INTERNATIONAL DEUTSCHLAND GMBH; Terex Corporation; Tadano Ltd; Zoomlion Heavy Industry Science&Technology Co., Ltd; Xuzhou Construction Machinery Group Co., Ltd; Sany Group; KATO WORKS CO., LTD; Kobelco Construction Machinery Co., Ltd.; Sumitomo Heavy Industries Construction Cranes Co., Ltd, and The Manitowoc Company, Inc.